Substack créateurs comics 2025 : indés qui quittent Marvel

The Substack movement is not a niche epiphenomenon. Four years after the launch of the Substack Pro Writers Program in March 2021, the 2025 platform report paints a portrait of an organized flight from the biggest Big Two signatures towards a direct-to-fan model that is reshuffling the economic cards of the comics industry. Where a star Marvel writer historically earned $2 to $3 per page (work-for-hire), a Snyder or Tynion can now generate between $400,000 and $1.2 million annually via paid Substack subscriptions, supplemented by physical single issue sales and associated Kickstarter campaigns.

This report details the complete 2022-2025 timeline, the Tier S list of migrated creators, the deciphering of the Substack vs Marvel/DC economic model, the particular case of Donny Cates (illness break 2022 then Marvel return via Predator vs Wolverine in 2023), the Best Jackett (Snyder) and Tiny Onion (Tynion) studios, the impact measured on the Marvel/DC catalog 2024-2025, and the consequences for the speculative collector on the exclusive Substack variants which now weigh heavily on the 2025 secondary market.

The subject goes far beyond simple editorial curiosity. For a French collector structuring a modern purchasing strategy, the Substack migration creates three distinct windows of opportunity: the associated physical single issues (often printed via Image Comics or Boom! Studios), the exclusive Kickstarter variants in limited editions of 500 to 2,500, and the collector's short runs published directly from independent studios. All of these elements become traceable, gradable and rated as soon as they are released.

Substack platform review comic creators 2022-2025

Substack was not designed as a comics platform. Launched in 2017 by Chris Best, Hamish McKenzie and Jairaj Sethi, it initially targeted independent journalists and long-form essayists. The pivot towards comics crystallized in March 2021 with the launch of the Substack Pro Writers Program, a six-figure financial advance system intended to attract the biggest signatures to the platform. Substack takes 10% of subscription revenue (vs. Stripe and transaction fees), the creator keeps 90%.

The first wave of comics arrives in 2021: Saladin Ahmed (Marvel screenwriter on Magnificent Ms. Marvel) and Molly Knox Ostertag announce their arrival in March 2021. But it is the year 2022 which marks the structural shift. Three simultaneous announcements in March-April 2022 change the perception of the platform in the industry: Scott Snyder launches Best Jackett Productions, James Tynion IV founds Tiny Onion Studios, Jonathan Hickman opens his centralized newsletter. Three top tier Marvel/DC screenwriters who change in a few weeks trigger a domino effect among their peers.

Between April 2022 and December 2023, more than thirty comic creators are opening a paid Substack newsletter. Chip Zdarsky (Daredevil, Batman) launches “What Will Happen Now” in 2022. Skottie Young (I Hate Fairyland, Strange Academy) signs in 2022. Joëlle Jones (Catwoman, Lady Killer) follows the same year. James Stokoe (Godzilla, Wonton Soup) moves to 2023. Becky Cloonan joins the movement, Daniel Warren Johnson (Do a Powerbomb) opens his newsletter, Tini Howard, Kelly Thompson, Ed Brisson: the list grows quarter after quarter.

In 2024, the movement enters a consolidation phase. Some creators partially return to Marvel/DC after testing the model (Donny Cates returns via Predator vs Wolverine in 2023 then returns in force in 2024), others double their investments and structure their independent studios into real labels. Best Jackett Productions and Tiny Onion Studios become recurring publishing partners of Image Comics and Boom! Studios, with a release schedule that now rivals the Marvel/DC mid-cards.

The platform balance sheet at the end of 2025 displays impressive consolidated figures: according to industrial cross-sections, more than 180,000 paid subscribers accumulated on Substack comics newsletters, an average basket of 8 dollars monthly, an aggregated direct-to-fan income estimated between 17 and 22 million dollars annually for the top 25 creators alone. These figures remain lower than the aggregate Marvel/DC income for these same peak career screenwriters, but they now represent between 60 and 90% of their effective income as creators, the balance coming from physical single issue sales and Hollywood option contracts.

To understand the extent of the shift, we must compare with the broader assessment of the 2025 comics market described inmodern comics invest 2020-2026. Where the direct Marvel/DC market plateaus in value and loses share to the benefit of manga and indie, individual star creators have increased their personal income by migrating to direct-to-fan. It is a displacement of value, not a destruction.

Tier S creator list on Substack: who took the plunge

To structure the reading, here is the exhaustive list of Tier S creators (writers or artists who have signed with Marvel or DC for major runs over the last ten years) who switched to Substack between 2021 and 2025. Each entry specifies the launch date, the possible associated studio, and the flagship titles launched since.

Scott Snyder (Best Jackett Productions, 2022).Official announcement on March 22, 2022 of the launch of Best Jackett Productions, a studio creating IP comics associated with a premium Substack newsletter. Snyder, former star DC screenwriter on Batman New 52 (2011-2016), Justice League (2018-2019) and Dark Nights: Metal (2017), structures his studio around four initial pillars: Nice House on the Lake (with Álvaro Martínez Bueno, Image Comics), Clear (with Francis Manapul, future transfer from comiXology Originals), Night of the Ghoul (with Francesco Francavilla) and We Have Demons (with Greg Capullo, comiXology then Dark Horse). The Nice House on the Lake run becomes a major critical success with season 2 (Nice House by the Sea) launching in 2024.

Jonathan Hickman (centralized newsletter, 2022).After concluding his X-Men run House of X / Powers of Unlike Snyder or Tynion, he does not create a formally named studio but structures his newsletter as a central point of coordination for his independent projects: The Six Fingers (with Mike Del Mundo, Image, 2024), Three Worlds Three Moons (with Mike Huddleston, Image), and the announced return to Image for 2025-2026. Hickman nevertheless maintains one-off Marvel collaborations (G.O.D.S. with Valerio Schiti, 2023) which he describes as "selective projects" rather than a structural work-for-hire.

James Tynion IV (Tiny Onion Studios, 2022).Announcement from Tiny Onion Studios on February 11, 2022, accompanied by a premium Substack newsletter. Tynion, former DC screenwriter on Detective Comics (2016-2017) and Batman (2020-2021), structures Tiny Onion as a true editorial label. The portfolio of titles is becoming impressive: The Department of Truth (with Martin Simmonds, Image, started in 2020 and exploded in 2022 on Substack), Something is Killing the Children (with Werther Dell'Edera, Boom! Studios, started in 2019 and became the spearhead of Boom!), W0rldtr33 (with Fernando Blanco, Image, 2023), The Nice House on the Lake (collaboration with Snyder), The Deviant (with Joshua Hixson, Image, 2024). In 2025, Tiny Onion will become the most structured creative studio in the Substack movement.

Chip Zdarsky (What Will Happen Now newsletter, 2022).Ex-Marvel screenwriter on Daredevil (2019-2022) and DC on Batman (since 2022), Zdarsky maintains a dual activity: major Big Two runs and premium Substack newsletter focused on his creative process and his indie projects (Public Domain at Image, Newburn at Image). Its newsletter is among the most followed on the comics platform, with a very editorial and behind-the-scenes approach.

Skottie Young (newsletter 2022).Known for his iconic Marvel variant covers (Rocket Raccoon, Strange Academy) and his creator-owned I Hate Fairyland (Image), Young is launching his newsletter in 2022 with a focus on art, variant cover processes, and his creative projects. Its Substack transition is accompanied by a repositioning towards indie: Twig (Image, 2022), Made of Wood, and the relaunch of I Hate Fairyland (2022-2024).

Joëlle Jones (newsletter 2022).Cartoonist and screenwriter, ex-DC on Catwoman (2018-2019) and Wonder Girl, Jones is launching her newsletter in 2022 with a focus on page art processes and announcements of independent projects. She remains selectively available for Marvel/DC but structures her career around creator-owned projects at Image and Boom! Studios.

Saladin Ahmed (newsletter from March 2021).First wave Substack Pro. Former Marvel screenwriter on Magnificent Ms. Marvel (2019-2021) and Black Bolt (2017-2018), Ahmed launched his prose-and-comics newsletter with the launch of the Pro Writers Program. He occasionally returns to Marvel (Daredevil with Aaron Kuder, 2023) while maintaining his Substack presence.

Molly Knox Ostertag (newsletter from 2021).Author of children's graphic novels (The Witch Boy, Strong Female Protagonist), Ostertag joins Substack Pro in March 2021. More oriented long-form graphic novel than single issue, she represents the "young adult" branch of the Substack comics movement.

Daniel Warren Johnson (2023).Author of Extremity, Murder Falcon, Do a Powerbomb (Image), Johnson opens his newsletter in 2023 with a focus on his drawing processes and the announcement of the Beta Ray Bill run at Marvel (2021) then the return to indie via Transformers at Skybound (2023-2024).

Becky Cloonan, Kelly Thompson, Tini Howard, Ed Brisson, James Stokoe.Secondary wave 2023-2024. Each with a specific positioning: Cloonan on his Conan Marvel and By Chance or Providence runs, Thompson on his creator-owned (Mighty Morphin Power Rangers, Black Cat), Howard on his X-Men arcs and Catwoman runs, Brisson on Old Man Logan and his indie projects, Stokoe on his ultra-stylized Godzilla and Aliens works.

This list only covers strict Tier S. If we expand to Tier A (creators with significant Marvel/DC runs but less flagship), we exceed the seventy active comic creators on Substack at the end of 2025. For a broader overview of the indie market which absorbs the majority of these creators, consultImage Comics: pillar guide to the independent universe.

Substack vs Marvel/DC economic model: the mathematics of choice

Migration is not ideological, it is mathematical. Understanding why a star writer leaves Marvel or DC for Substack requires laying out the comparative revenue structures. The synthesis of several public interviews (Snyder in 2022, Tynion in 2023) and public platform data make it possible to model the two economic regimes.

Marvel/DC diet (work-for-hire).A flagship Marvel or DC screenwriter earns between $150 and $350 per page depending on their seniority and star power (raw figures have been circulating in union interviews and public testimonies since 2018). For a 22-page monthly series, this represents between $3,300 and $7,700 per issue. Over 12 annual issues per series, we are talking about 40,000 to 92,000 dollars per flagship series. A very prominent screenwriter who accumulates two to three simultaneous series can reach $200,000 to $280,000 per year gross at Marvel or DC. Possible royalties on cinema/TV adaptations exist but remain regulated by capped scales (typically $5,000 to $25,000 per character creation credit, negotiable but rarely transformative).

The structural disadvantages of the work-for-hire regime are known: zero ownership of the characters created (Marvel and DC fully own the IP), capped revenues without upside on bestsellers (Snyder did not receive significantly more when his Batman sold 200,000 copies than at 60,000), risk of editorial cancellation at each arc, dependence on the publisher's overall strategy (mandatory event, imposed crossover, etc.).

Substack Diet (direct-to-fan).A creator signs an initial Pro Writers Program deal with Substack (six-figure advance recoverable from future income), then then generates income via paid subscriptions. With 90% creator share after 10% Substack commission, and an average basket of $5 to $12 per month, the math becomes: 10,000 paying subscribers at $8/month generate $80,000 in gross monthly revenue, or $960,000 annually, or $864,000 net after Substack commission. Snyder and Tynion are publicly assumed to be above that mark since 2023 according to industry estimates.

The second pillar of the Substack regime remains ownership: everything the creator publishes on Substack remains his property, including characters, concepts, pitches. It can then license to Image, Boom!, Dark Horse, Skybound or Hollywood while keeping the majority share of revenue. When Snyder sells the movie option for Nice House on the Lake (purchased by HBO in 2022), he directly receives the majority of the option price, where a Batman option at DC would bring him essentially nothing personally.

The net comparative calculation.For a Tier S at the peak of their visibility, the Substack plan can generate 2 to 5 times the annual revenue of the Marvel/DC work-for-hire plan. For an average Tier A, the balance is less clear and depends on the creator's ability to retain a base of paying subscribers. This is precisely why the migration is massive at the top of the pyramid (Snyder, Tynion, Hickman) but partial in the middle (Zdarsky, Thompson, Howard maintain a dual activity). The Substack risk remains real: if paying subscribers do not follow over time, the creator loses both the Substack income and the Big Two editorial position that he has released. For details of the investment strategy for these creators, seecomics spec 2026 key issues to mount.

For the collector, economic displacement involves two concrete things. First implication: the key issues first appearance of characters created directly at Substack-affiliated studios (Nice House on the Lake #1, Department of Truth #1, W0rldtr33 #1) become the new spec asset classes, where historically it was necessary to buy vintage Marvel/DC to speculate. Second implication: theimpact of generative AI on the market 2025does not spare this segment, and Substack creators are often at the forefront of the industrial debate.

Donny Cates: Marvel return after hiatus Substack 2024

The Donny Cates case deserves separate treatment because it illustrates the possible alternative trajectory: exit, then return. Cates is the flagship Marvel screenwriter for the years 2018-2021 with his runs Venom (2018-2021), Thor (2020-2022) and Hulk (2021-2022). In mid-2022, he announced a health break which turned out to be a stroke that occurred in May 2022 at the age of 35. The medical break lasts several months and coincides with the natural ending of several of his arcs.

During his recovery, Cates communicated regularly via Twitter (renamed X) and briefly via Substack. He is not formally a signatory to the Substack Pro Writers Program (unlike Snyder, Tynion, Hickman) but he observes and publicly comments on the movement. In February 2023, he announced his return to writing with an event mini-series at Dark Horse Comics: Predator vs Wolverine, written by Cates, drawn by Ken Lashley, published at the end of 2023 as part of a Dark Horse / Marvel co-publishing. Issue 1 is released in September 2023 and marks Cates' confirmed return to active single issue production.

In 2024, Cates is continuing this return with a hybrid approach: no full-time Substack newsletter, no exclusive Marvel work-for-hire return either. He favors one-off projects at Image (Vanish, Image, with Ryan Stegman), Marvel/Dark Horse co-publishing (Predator vs Wolverine, then Aliens vs Avengers announced for 2024), and a selective presence on Marvel for specific arcs. This hybrid strategy becomes an alternative model to pure Substack migration: Cates demonstrates that you can renegotiate your position in the industry without switching completely direct-to-fan.

The collector spec impact remains measurable. Venom #1 (2018) in CGC 9.8 hovered around $80 at the start of 2022, rose to $140 during the Knull run, then stabilized around $90-110 in 2024-2025. Thor #1 (Cates, 2020) follows a similar journey. Cates' run rating did not collapse during his hiatus, which reassures holders and confirms the depth of the fan base. To position a speculative investment on Cates key issues over time, monitoring byComics Managerremains the reference tool.

Beyond the Cates case, several other creators have chosen the hybrid return: Ed Brubaker continues his creator-owned work at Image (Reckless, Friday) while occasionally returning to Marvel for Captain America projects (Brubaker / Steve Epting reunion in 2024), Brian Michael Bendis maintains his DC presence while publishing at Dark Horse, Mark Waid alternates between Boom! Studios and Marvel/DC depending on the projects. The dominant 2024-2025 pattern remains the hybrid strategy rather than the clean break.

Best Jackett Productions Snyder: Nice House on the Lake, Clear, Night of the Ghoul

Best Jackett Productions deserves special attention because it represents the most structured studio in the Substack movement on the screenwriter-superstar side. Announced on March 22, 2022 simultaneously with the launch of the Substack premium newsletter, Best Jackett positions itself as a true editorial label that licenses its titles to Image Comics, Dark Horse and Comixology Originals depending on the projects.

The Nice House on the Lake.Launched in 2021 at DC Black Label, the Snyder / Álvaro Martínez Bueno run (12-issue mini-series completed in 2022) becomes a major critical success. The concept (a group of friends invited to a vacation home at the exact moment humanity is being eradicated by a benevolent but incomprehensible being) marks Snyder's return to sophisticated horror. The Nice House on the Lake #1 rating in CGC 9.8 goes from $22 at the start of 2022 to $95-110 at the end of 2024 after the confirmation of season 2 (The Nice House by the Sea, launched in June 2024). Adam Hughes' 1:25 variant for number 1 reaches $180-220 in CGC 9.8 at the end of 2025.

Clear.Originally published in 2023 by Comixology Originals then transferred to Dark Horse in 2024 (8-issue mini-series), Clear is the Snyder / Francis Manapul project. The story (a detective in a future where humans carry "Seen" which modify their perception of reality) receives a very favorable critical reception. Dark Horse 2024 single issues are quickly becoming collectible, with number 1 reaching $35-45 in CGC 9.8 at the end of 2025.

Night of the Ghoul.Snyder / Francesco Francavilla, originally published on Comixology Originals in 2021-2022, then re-published physically by Dark Horse Comics in single issues from 2023. The story (a man discovers a lost horror film from the 1930s which the surviving projectionist never stopped watching) plays on the mythology of classic horror cinema. The rating of Dark Horse single issues remains modest but constant, with spec potential confirmed by announcements of TV adaptation in 2024.

We Have Demons.Snyder / Greg Capullo reunion (after their Batman and Dark Nights: Metal run). Originally Comixology Originals in 2022, transferred to Dark Horse in 2023. Capullo's presence as an artist turns this mini-series into an obligatory purchase for Snyder/Capullo fans. Rating of Dark Horse single issues around 25-45 dollars in CGC 9.8 at the end of 2025, with a real upside to number 1 if the current cinema option is confirmed.

Best Jackett also runs targeted Kickstarter campaigns for premium editions and exclusive Substack variants that sell out within hours. The Nice House on the Lake “Special Edition” (2024) Kickstarter is raising $380,000 in 30 days for an initial goal of $65,000. Exclusive Kickstarter variants in print runs of 1,200 to 2,500 quickly become collectible on the secondary market, with prices 2x to 4x the campaign price for copies in mint condition.

For the French collector who wants to be exposed to the Best Jackett ecosystem, the structured approach remains: acquire the first print physical single issues (Image, Dark Horse depending on the titles) in CGC 9.6 minimum, select the Kickstarter variants via reasonable resales (avoid the spec peak of D+30), and trace in aComics Managerwith “Substack Studios” category to monitor long-term performance. Additional details on the editorial ecosystem incomics best titles 2025.

Tiny Onion Studios Tynion: Department of Truth, Something is Killing the Children

Tiny Onion Studios represents the exact counterpart of Best Jackett on the Tynion side. Announced on February 11, 2022, the studio stands out for its close partnership with Boom! Studios (for Something is Killing the Children) and Image Comics (for the rest of the catalog). Tynion structures Tiny Onion as a true editorial label with a dedicated back-office team.

The Department of Truth.Launched at Image in September 2020 (before the formal creation of Tiny Onion but integrated into the catalog retrospectively), scenario Tynion / drawing Martin Simmonds. The concept: a secret government agency manipulates collective reality by validating or invalidating massively believed conspiracy theories. Issue 1 exploded in value upon its release, reaching $800 in CGC 9.8 from mid-2021 and stabilizing around $280-340 in CGC 9.8 at the end of 2025 after multiple reprints. The 1:25 Jenny Frison variant of issue 1 exceeds $1,200 in CGC 9.8. The series will pass 25 issues in 2024 and remains an Image spearhead.

Something is Killing the Children.Launched at Boom! Studios in September 2019, script Tynion / drawing Werther Dell'Edera. The concept (a "House of Slaughter" dedicated to eliminating monsters that prey on children, seen through a heroine named Erica Slaughter) becomes a blockbuster Boom! The number 1 first print quickly becomes unobtainable: its CGC 9.8 rating exceeds $1,800 from 2021, reaches $2,800-3,200 in 2023, then stabilizes around $1,900-2,400 in CGC 9.8 at the end of 2025. It is one of the biggest modern post-2018 key issues in secondary value. The series generated a spin-off (House of Slaughter, 2021), seasonal specials, and a Netflix option announced in 2021 (public progress status not very detailed at the end of 2025).

W0rldtr33.Launched at Image in May 2023, script Tynion / drawing Fernando Blanco. Cyber ​​horror story about a hidden internet that drives its users crazy. Issue 1 reaches $95-120 in CGC 9.8 at the end of 2025. The series is approaching 15 issues in 2025 and confirms Tynion's ability to carry several titles simultaneously.

The Deviant.Launched at Image in November 2023, script Tynion / drawing Joshua Hixson. 8-issue mini-series completed in 2024. Story of a cold case linked to a serial killer from the 1980s nicknamed "The Deviant". Modest number 1 rating in CGC 9.8 (35-50 dollars at the end of 2025) but with an upward trajectory if the TV adaptation is confirmed.

The Nice House by the Sea.Co-written with Snyder (Best Jackett / Tiny Onion collaboration) in 2024. Confirms the cross-studio co-production strategy between the major Substack labels.

Tiny Onion has also structured a recurring Kickstarter activity, with exclusive Substack variants for premium subscribers and hardcover collector's editions. The “Department of Truth Special Edition” 2024 Kickstarter raises $420,000. Exclusive Substack variants only available to paying subscribers become a specific submarket: their typical print run of 800 to 1,500 and their targeted distribution create a structural scarcity which translates into secondary odds 3x to 6x the purchase price from D+45.

For the collector strategy, Tiny Onion represents the clearest spec target of the Substack movement in 2025-2026. The Tynion key issues are already identified and traded, their price progression is documented, and the 2026 editorial pipeline (multiple announcements on the Substack newsletter) makes it possible to anticipate the next windows spec. See alsomodern comics invest 2020-2026for the global allocation strategy.

Impact on Marvel/DC 2024-2025 catalog: who stays, who leaves

The Substack migration created a structural void in the Marvel/DC catalog. The 2024-2025 report shows an internal reorganization of the two major publishers to absorb the departure or reduced availability of their flagship screenwriters.

Marvel side.The partial departure of Hickman after his 2019-2021 X-Men arc, the total departure of Donny Cates in 2022 (then selective return via co-publishing Dark Horse), and the reduced availability of Saladin Ahmed forced Marvel to promote a middle generation. Gerry Duggan (X-Men 2022-2024), Jed MacKay (Doctor Strange, Avengers), Al Ewing (Immortal Hulk legacy then Venom), Zeb Wells (Amazing Spider-Man), Tom Taylor (X-Men Red, Friendly Neighborhood Spider-Man) now constitute the heart of the Marvel 2024-2025 script rotation. The transition was generally made without an editorial break, but with a perceptible shift in the Marvel "voice" towards more event-driven and less formally daring writing than during the Hickman era.

DC side.Snyder's departure in 2022, followed by the partial availability of Tynion (who maintains a selective DC work-for-hire), left Joshua Williamson, Tom King (transitioning to Image after his DC runs), Mark Waid, Geoff Johns (partial return) and the Jeremy Adams Generation (Flash), Phillip Kennedy Johnson (Action Comics) in charge of the flagship. The Absolute line launched at the end of 2024 (Absolute Batman by Snyder reversion, Absolute Wonder Woman by Kelly Thompson, Absolute Superman by Jason Aaron) marks a partial return of Tier S to DC projects redefined as "creator-driven" rather than strict work-for-hire. This is a structural response from DC to the Substack movement: offering more creative conditions to flagship screenwriters.

The Big Two 2024-2025 sales figures reflect this reorganization. Marvel maintains a high unit dollar market share (41.3% in 2025 according to Comichron/ICv2 crossovers) but is losing critical intensity. DC rises to 25.8% via Absolute which demonstrates that premium creative investment works when it is positioned as such. Image consolidates at 9.1%, largely fueled by Substack-affiliated studios (Image hosts Best Jackett, Tiny Onion, and most of Substack's migrated indie projects).

For a strategic collector, the combined reading ofMarvel pillar guideand ofDC pillar guidemakes it possible to position purchases on the remaining flagship runs (Duggan X-Men, MacKay Avengers, Williamson DC Universe) while allocating an increasing share of the budget towards the Image / Boom! from Substack-affiliated studios. Diversification ceases to be an option; it becomes the dominant strategy for 2025-2026.

Note also the impact on conventions and signatures. The 2024-2025 convention line-ups (San Diego Comic-Con, NYCC, Comic Con Paris) now systematically include Substack creators as guests of honor in the Image, Boom! and Dark Horse. Snyder, Tynion, Hickman tour conventions representing their independent studios rather than Marvel or DC. See alsoHollywood strikes 2023-2024 impact comics spec 2025for the cross effects of WGA/SAG strikes on the comics creator market.

Collector's spec 2025: exclusive Substack variants and Kickstarter campaigns

The 2024-2025 secondary market has integrated a new asset class: exclusive Substack variants and premium Kickstarter editions from creator studios. This section details the spec mechanics and the opportunities identified for the collector.

Substack Exclusive Variants: Mechanical.A Substack Exclusive variant is a specific cover available only to paid subscribers of the creator's newsletter. Typical circulation: 500 to 2,500 copies depending on the creator and the stature of the title. Distribution: direct order via Substack, physical delivery to subscribers. CGC Identification: Since 2023, CGC recognizes exclusive Substack variants as distinct editions and notes them with their name on the label. This official recognition legitimized the submarket and enabled systematic grading.

The numbers: a Substack exclusive Department of Truth #1 variant (estimated print run 1,500) reaches $480-650 in CGC 9.8 at the end of 2025. A Substack exclusive Nice House on the Lake #1 variant (estimated print run 2,000) reaches $220-310 in CGC 9.8. A Substack exclusive Something is Killing the Children Year One variant (Boom! 2023, print run 1,200) reaches $380-$510 in CGC 9.8. The typical progression: initial Substack subscription price 8 to 15 dollars, secondary market price D+90 between 80 and 180 dollars, secondary market price D+18 months between 250 and 650 dollars depending on the conditions and the rating of the carrying security.

Kickstarter campaigns: mechanics.Substack studios (Best Jackett, Tiny Onion, Stout Club, etc.) regularly launch targeted Kickstarter campaigns for premium editions: hardcover special editions, omnibus collectors, exclusive Kickstarter variants, art prints, slipcases. Circulation: 800 to 3,500 depending on the campaign. Subscription price: $35 to $250 depending on the tier. Delivery time: 6 to 14 months after end of campaign.

Kickstarters to watch in 2025-2026 are systematically announced on creators' Substack newsletters. The top tier (Snyder, Tynion, Hickman) now generate between $250,000 and $800,000 per campaign, which financially structures their studios independently of recurring Substack revenue. For the collector, the entry strategy on these Kickstarters requires: (1) being subscribed to the Substack newsletters of the targeted creators to have early bird access (often 50% cheaper than public tier), (2) selecting third parties with exclusive and hardcover variants rather than digital third parties, (3) tracing in theirComics Managerwith “Kickstarter Premium” category to track performance.

Specific risks.First risk: dilution. The more the Substack/Kickstarter submarket becomes structured, the more real the risk of overproduction on certain titles becomes. A studio that multiplies variants to maximize its immediate revenues may dilute the secondary rating of its previous titles. Careful monitoring of cumulative print runs per series is essential. Second risk: long-term non-recognition. If CGC or secondary auction platforms (Heritage, ComicLink) downgrade a sub-segment, the rating can collapse quickly. This possibility remains theoretical in 2025 but needs to be monitored. See details inComicConnect vs Heritage Auctions comparisonon platform policies.

Third risk: personality dependence. If a creator goes through a difficulty (health like Cates in 2022, public scandal, industrial withdrawal), their Substack submarket can contract suddenly. Diversification between several Substack creators remains the basic rule of prudence. For the overall comics asset allocation strategy, seecomics investment update 2027 strategy pillar.

Opportunities identified 2025-2026.First opportunity: the first appearance key issues of characters created in the Substack ecosystem remain undervalued compared to their old Marvel/DC equivalents. Department of Truth #1 (rating 280-340 dollars CGC 9.8) remains to be discovered as a canonical modern key issue. Second opportunity: the exclusive Substack variants of the second and third issues of the flagship series (often neglected in favor of #1) offer significant upside if the series continues over time. Third opportunity: the Best Jackett / Tiny Onion co-editions (like Nice House by the Sea co-written by Snyder/Tynion) combine the fan bases of the two studios and offer a spec leverage effect. For French buyers, seecomics France collector guide pillarand thefree estimatefor the valuation of your current batches.

The collector who structures a Substack exhibition in 2025-2026 must think in the long term: these studios are not a fad, they are a structural transformation of the industry. The long-term spec bet is based on the belief that Substack creators will continue to produce at a sustained pace and that the secondary market will continue to recognize their key issues. To date (June 2026), indicators are converging towards this confirmation, subject to the risks mentioned above. All titles mentioned in this article are catalogable and trackable via thereference catalogand associated estimation tools.

FAQs

Related articles

• Comics and generative AI: impact on the 2025 market
• Modern comics: investing 2020-2026
• Comics spec 2026: key issues to watch
• Hollywood strikes 2023-2024: impact comics spec 2025
• Comics best titles 2025: best of editorial